RInfra board approves raising up to ₹550.56 cr via preferential allotment
PremiumThe funds raised would be utilised for long-term resources for general corporate purposes, to fund future growth and also to reduce debt, Reliance Infrastructure said
NEW DELHI : Reliance Infrastructure on Sunday said its board has approved raising up to ₹550.56 crore through issuance of shares on a preferential basis.
The funds raised would be utilised for long-term resources for general corporate purposes, to fund future growth and also to reduce debt, the company said in a statement.
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"The board of directors of Reliance Infrastructure Ltd at its meeting held today (Sunday) approved raising of funds up to ₹550.56 crore," the statement said.
It will be done by preferential allotment of up to 8.88 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company to promoter group and VFSI Holdings Pte Ltd, an affiliate of Varde Investment Partners, the statement added.
Of the ₹550.56 crore equity infusion, about ₹400 crore will come from the promoter group and ₹150 crore from Varde Group, sources said.
The board approved seeking go-ahead of the members of the company for the above proposal through a postal ballot.
"The above shall be subject to all requisite permissions, sanctions and approvals as may be necessary," the statement said.
RInfra is one of the leading infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.
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